The global market for SoC test platforms is estimated at US$4.5 billion in 2022 and is projected to grow to US$13.1 billion by 2032 , growing rapidly at a CAGR of around 11.3% (2022-2032). .
What factors are driving the demand for SoC test platforms?
“Growing Popularity of Smart & Connected Homes to Create Market Opportunity “
The improvement in the world economy and the increase in disposable income are two major factors that have affected living standards and lifestyles. Demand for luxury homes is increasing, driving innovation in home networking technologies. This in turn supports the trend towards connected homes and smart homes.
Both smart and connected homes primarily use advanced technologies such as artificial intelligence (AI) and Internet of Things (IoT) made up of ICs and are connected via wireless networks. With the increasing inclination of consumers to live a comfortable life, smart and connected home technology has increased. This drives the application possibilities for SoC test platforms.
“Industry 4.0 as an unavoidable boost to innovation”
Intelligent manufacturing techniques have received an enormous boost with the introduction of Industry 4.0. The demands for automation, real-time monitoring, and network and real-time data analysis have become an inherent aspect of the smart manufacturing environment as industries become smarter.
Intelligent manufacturing methods often require the introduction of sensors and an IT infrastructure to cost-effectively coordinate work in an optimized environment. As a result, demand for integrated circuits has increased across a wide range of industries as they work toward the ultimate goal of an IoT-enabled ecosystem and smart manufacturing. This in turn creates a demand for SoC test platforms to test chips.
“Increasing global digital revolution to increase SoC test platform sales”
The global digital revolution is the shift from mechanical technology and analog electronics to electronic digital devices. All major manufacturing industries are going digital due to benefits such as remote monitoring and data analysis services.
In the future, the production of SoC test platforms will continue to increase with the growing demand for electronics and ICs. With the increase in overall sensor utilization for digitization in numerous end-use industries, SoC test platforms are also gaining demand from these industries due to the need for installation, repair and maintenance activities.
These factors will fuel the growth of the SoC test platform market in the long term.
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